Abstract
In this chapter we investigate the source of economic value: production. We show how national accounting relates the value transactions between economic agents to ‘value added’, as it is called internally, and how the duality of transaction and transformation is reflected in the duality of the enterprise as an institutional unit and the establishment as a functional unit of observation. This leads to the main theoretical question treated in this chapter: how to define production.
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© 2001 Utz-Peter Reich
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Reich, UP. (2001). Institutions and Their Economic Activities. In: National Accounts and Economic value. Palgrave Macmillan, London. https://doi.org/10.1057/9780230512900_3
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DOI: https://doi.org/10.1057/9780230512900_3
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-40765-1
Online ISBN: 978-0-230-51290-0
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)